OceanConnect and Starsupply Launch Hedging Service

Thursday, June 20, 2002

OceanConnect President Thomas Reilly today announced the launch of a new risk management service aimed at helping shipowners and suppliers protect their profits. "Financial derivatives have become an important tool in the risk management arena. OceanConnect, in
partnership with Starsupply Petroleum, will offer the first derivative
brokerage service focused exclusively on the world's bunker markets," Reilly
said.
"Shipowners and suppliers have been asking if OceanConnect can assist with
managing their exposure to the volatile marine fuel marketplace. Coupled
with OceanConnect's global offering for fuel purchasing, our customers will
now have additional benefits," said OceanConnect President Thomas Reilly.
"We are proud to be partnering with Starsupply, the leading derivative
broker, to develop this offering," Reilly said.
C. Michael Bandy, Chairman of OceanConnect's Board of Directors and
President of FAMM LLC, said this service is the next step in OceanConnect's
evolution. "In fewer than two years, OceanConnect has combined classic
marine services with powerful online technology to quickly become one of the
world's largest marine fuel brokers. Risk management services are the next
logical step in providing a complete fuel solution for marine customers,"
Bandy said.
"OceanConnect's service has consistently proven its value for the Norden
fleet on our spot purchasing. The addition of a global bunker risk
management offering is another valuable product for ship owners," said Jacob
Meldgaard, Vice President at Dampskibsselskabet Norden AS. Norden operates
about 60 tankers and bulkers internationally through a mix of owned and
chartered tonnage.
Rob Ryneveld, president of Starsupply, cited OceanConnect's market
leadership as a factor in the decision to begin the partnership. "We see
this as an exciting opportunity to grow our business by working with the
most innovative and flexible marine fuel service. OceanConnect is quickly
becoming an all-inclusive source for the bunker industry, and we look
forward to a successful partnership," he said.